We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Yuma Energy Inc New | AMEX:YUMA | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.55 | 0 | 01:00:00 |
DELAWARE
(State or other jurisdiction of incorporation)
|
|
|
|
94-0787340
(IRS Employer Identification No.)
|
1177 West Loop South, Suite 1825
Houston, Texas
(Address of principal executive offices)
|
|
|
|
77027
(Zip Code)
|
|
|
(713) 968-7000
(Registrant’s telephone number, including area
code)
|
|
|
|
|
(Former name, former address and former fiscal year, if changed
since last report)
|
|
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated
filer
|
☐
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
☒
|
|
|
Emerging
growth company
|
☐
|
|
PART I – FINANCIAL INFORMATION
|
|
|
|
|
|
|
Item
1.
|
Financial
Statements (unaudited)
|
|
|
|
|
|
|
|
|
Consolidated
Balance Sheets as of March 31, 2017 and December 31,
2016
|
4
|
|
|
|
|
|
|
Consolidated
Statements of Operations for the Three Months Ended March 31, 2017
and 2016
|
6
|
|
|
|
|
|
|
Consolidated
Statements of Changes in Equity for the Three Months Ended March
31, 2017
|
7
|
|
|
|
|
|
|
Consolidated
Statements of Cash Flows for the Three Months Ended March 31, 2017
and 2016
|
8
|
|
|
|
|
|
|
Notes
to the Unaudited Consolidated Financial Statements
|
9
|
|
|
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
19
|
|
|
|
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
25
|
|
|
|
|
|
Item
4.
|
Controls
and Procedures
|
25
|
|
|
|
|
|
|
PART II – OTHER INFORMATION
|
|
|
|
|
|
|
Item
1.
|
Legal
Proceedings
|
26
|
|
|
|
|
|
Item
1A.
|
Risk
Factors
|
26
|
|
|
|
|
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
27
|
|
|
|
|
|
Item
3.
|
Defaults
Upon Senior Securities
|
27
|
|
|
|
|
|
Item
4.
|
Mine
Safety Disclosures
|
27
|
|
|
|
|
|
Item
5.
|
Other
Information
|
27
|
|
|
|
|
|
Item
6.
|
Exhibits
|
28
|
|
|
|
|
|
|
Signatures
|
29
|
|
Three Months Ended March 31,
|
|
|
2017
|
2016
|
|
|
|
REVENUES:
|
|
|
Sales
of natural gas and crude oil
|
$
7,144,424
|
$
2,178,932
|
|
|
|
EXPENSES:
|
|
|
Lease
operating and production costs
|
2,661,264
|
986,697
|
General
and administrative – stock-based compensation
|
51,735
|
196,924
|
General
and administrative – other
|
2,176,002
|
2,165,514
|
Depreciation,
depletion and amortization
|
3,140,940
|
1,788,225
|
Asset
retirement obligation accretion expense
|
138,569
|
52,059
|
Impairment
of oil and gas properties
|
-
|
9,847,887
|
Gain
on asset sales
|
(555,642
)
|
-
|
Other
|
-
|
3,188
|
Total
expenses
|
7,612,868
|
15,040,494
|
|
|
|
LOSS
FROM OPERATIONS
|
(468,444
)
|
(12,861,562
)
|
|
|
|
OTHER
INCOME (EXPENSE):
|
|
|
Net
gains from commodity derivatives
|
3,556,783
|
456,314
|
Interest
expense
|
(496,091
)
|
(42,708
)
|
Other,
net
|
36,408
|
-
|
Total
other income (expense)
|
3,097,100
|
413,606
|
|
|
|
INCOME
(LOSS) BEFORE INCOME TAXES
|
2,628,656
|
(12,447,956
)
|
|
|
|
Income
tax expense
|
26,531
|
2,602
|
|
|
|
NET
INCOME (LOSS)
|
2,602,125
|
(12,450,558
)
|
|
|
|
PREFERRED
STOCK:
|
|
|
Dividends
paid in kind
|
339,610
|
320,279
|
|
|
|
NET
INCOME (LOSS) ATTRIBUTABLE TO
|
|
|
COMMON
STOCKHOLDERS
|
$
2,262,515
|
$
(12,770,837
)
|
|
|
|
INCOME
(LOSS) PER COMMON SHARE:
|
|
|
Basic
|
$
0.19
|
$
(1.71
)
|
Diluted
|
$
0.16
|
$
(1.71
)
|
|
|
|
WEIGHTED
AVERAGE NUMBER OF
|
|
|
COMMON
SHARES OUTSTANDING:
|
|
|
Basic
|
12,211,256
|
7,454,062
|
Diluted
|
14,056,170
|
7,454,062
|
|
Preferred Stock
|
Common Stock
|
Paid-in Capital
|
Treasury
Stock
|
Accumulated Deficit
|
Stockholders' Equity
|
||
|
Shares
|
Value
|
Shares
|
Value
|
|
|
|
|
December 31, 2016
|
1,776,718
|
$
1,777
|
12,201,884
|
$
12,202
|
$
43,877,563
|
$
-
|
$
(12,386,668
)
|
$
31,504,874
|
Net
income
|
|
|
|
|
|
|
2,602,125
|
2,602,125
|
Payment
of Series "D" dividends in kind
|
30,667
|
31
|
-
|
-
|
339,579
|
-
|
(339,610
)
|
-
|
Stock
awards vested
|
-
|
-
|
9,372
|
9
|
(9
)
|
-
|
-
|
-
|
Amortization
of stock-based compensation
|
-
|
-
|
-
|
-
|
51,735
|
-
|
-
|
51,735
|
Treasury
stock - employee tax payment
|
-
|
-
|
-
|
-
|
-
|
(4,170
)
|
-
|
(4,170
)
|
March 31, 2017
|
1,807,385
|
$
1,808
|
12,211,256
|
$
12,211
|
$
44,268,868
|
$
(4,170
)
|
$
(10,124,153
)
|
$
34,154,564
|
|
Three Months Ended March 31,
|
|
|
2017
|
2016
|
CASH
FLOWS FROM OPERATING ACTIVITIES:
|
|
|
Reconciliation
of net loss to net cash provided by (used in) operating
activities:
|
|
|
Net
loss
|
$
2,602,125
|
$
(12,450,558
)
|
Depreciation,
depletion and amortization of property and equipment
|
3,140,940
|
1,788,225
|
Impairment
of oil and gas properties
|
-
|
9,847,887
|
Amortization
of debt issuance costs
|
81,843
|
-
|
Net
deferred income tax benefit
|
-
|
2,602
|
Stock-based
compensation expense
|
51,735
|
196,924
|
Settlement
of asset retirement obligations
|
-
|
(12,324
)
|
Accretion
of asset retirement obligation
|
138,569
|
52,059
|
Bad
debt expense
|
-
|
3,188
|
Net
gains from commodity derivatives
|
(3,556,783
)
|
(456,314
)
|
Gain
on sales of fixed assets
|
(555,642
)
|
-
|
Changes
in assets and liabilities:
|
|
|
(Increase)
decrease in accounts receivable
|
(795,740
)
|
1,445,512
|
Decrease
in prepaids, deposits and other assets
|
306,021
|
232,729
|
Decrease
in accounts payable and other current and
|
|
|
non-current
liabilities
|
(461,542
)
|
(1,542,241
)
|
|
|
|
NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
|
951,526
|
(892,311
)
|
|
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES:
|
|
|
Capital
expenditures for oil and gas properties
|
(2,053,826
)
|
(4,663,114
)
|
Proceeds
from sale of oil and gas properties and other fixed
assets
|
641,056
|
-
|
Derivative
settlements
|
98,700
|
535,488
|
|
|
|
NET
CASH USED IN INVESTING ACTIVITIES
|
(1,314,070
)
|
(4,127,626
)
|
|
|
|
CASH
FLOWS FROM FINANCING ACTIVITIES:
|
|
|
Proceeds
from borrowings
|
-
|
4,000,000
|
Repayments
of borrowings
|
(255,026
)
|
-
|
Debt
issuance costs
|
(76,452
)
|
-
|
Treasury
stock repurchases
|
(4,170
)
|
-
|
|
|
|
NET
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES
|
(335,648
)
|
4,000,000
|
|
|
|
NET
DECREASE IN CASH AND CASH EQUIVALENTS
|
(698,192
)
|
(1,019,937
)
|
|
|
|
CASH
AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
3,625,686
|
4,064,094
|
|
|
|
CASH
AND CASH EQUIVALENTS AT END OF PERIOD
|
$
2,927,494
|
$
3,044,157
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
Interest
payments (net of interest capitalized)
|
$
264,542
|
$
42,709
|
Income
tax payments
|
$
-
|
$
-
|
|
|
|
Supplemental
disclosure of significant non-cash activity:
|
|
|
(Increase)
decrease in capital expenditures financed by accounts
payable
|
$
(1,434,132
)
|
$
(1,613,607
)
|
|
Three Months Ended
|
|
March 31, 2017
|
Asset
retirement obligations at December 31, 2016
|
$
10,196,383
|
Liabilities
incurred
|
-
|
Liabilities
settled
|
-
|
Liabilities
sold
|
-
|
Accretion
expense
|
138,569
|
Revisions
in estimated cash flows
|
-
|
|
|
Asset
retirement obligations at March 31, 2017
|
$
10,334,952
|
|
March 31,
|
December 31,
|
|
2017
|
2016
|
|
|
|
Senior
credit facility
|
$
39,500,000
|
$
39,500,000
|
Installment
loan due 7/15/17 originating from the financing of
|
|
|
insurance
premiums at 4.38% interest rate
|
344,315
|
599,341
|
Total
debt
|
39,844,315
|
40,099,341
|
Less:
current maturities
|
(344,315
)
|
(599,341
)
|
Total
long-term debt
|
$
39,500,000
|
$
39,500,000
|
|
Three Months Ended March 31,
|
|
|
2017
|
2016
|
Production
volumes:
|
|
|
Crude
oil and condensate (Bbls)
|
76,397
|
34,718
|
Natural
gas (Mcf)
|
899,427
|
400,365
|
Natural
gas liquids (Bbls)
|
33,474
|
30,262
|
Total (Boe)
(1)
|
259,776
|
131,708
|
Average
prices realized:
|
|
|
Crude
oil and condensate (per Bbl)
|
$
49.95
|
$
29.95
|
Natural
gas (per Mcf)
|
$
2.84
|
$
1.96
|
Natural
gas liquids (per Bbl)
|
$
23.15
|
$
11.69
|
|
Three Months Ended March 31,
|
|
|
2017
|
2016
|
Sales
of natural gas and crude oil:
|
|
|
Crude
oil and condensate
|
$
3,815,932
|
$
1,039,687
|
Natural
gas
|
2,553,443
|
785,610
|
Natural
gas liquids
|
775,049
|
353,635
|
Total
revenues
|
$
7,144,424
|
$
2,178,932
|
|
Three Months Ended March 31,
|
|
|
2017
|
2016
|
Lease
operating expenses
|
$
1,697,908
|
$
629,988
|
Severance,
ad valorem taxes and marketing
|
963,356
|
356,709
|
Total
LOE
|
$
2,661,264
|
$
986,697
|
|
|
|
LOE
per Boe
|
$
10.24
|
$
7.49
|
LOE
per Boe without severance, ad valorem taxes and
marketing
|
$
6.54
|
$
4.78
|
|
Three Months Ended March 31,
|
|
|
2017
|
2016
|
General
and administrative:
|
|
|
Stock-based
compensation
|
$
51,735
|
$
196,924
|
|
|
|
Other
|
2,596,922
|
2,539,963
|
Capitalized
|
(420,920
)
|
(374,449
)
|
Net
other
|
2,176,002
|
2,165,514
|
|
|
|
Net
general and administrative expenses
|
$
2,227,737
|
$
2,362,438
|
|
Three Months Ended March 31,
|
|
|
2017
|
2016
|
DD&A
|
$
3,031,039
|
$
1,644,791
|
|
|
|
DD&A
per Boe
|
$
11.67
|
$
12.49
|
|
Three Months Ended March 31,
|
|
|
2017
|
2016
|
Interest
expense
|
$
540,641
|
$
42,708
|
Interest
capitalized
|
(44,550
)
|
-
|
Net
|
$
496,091
|
$
42,708
|
|
|
|
Bank
debt
|
$
39,500,000
|
$
4,000,000
|
|
Three Months Ended March 31,
|
|
|
2017
|
2016
|
Consolidated
net income (loss) before income taxes
|
$
2,628,656
|
$
(12,447,956
)
|
Income
tax expense
|
$
26,531
|
$
2,602
|
Effective
tax rate
|
1.01
%
|
(0.02
%)
|
|
March 31, 2017
|
December 31, 2016
|
||
|
Oil
|
Natural Gas
|
Oil
|
Natural Gas
|
Assets
|
|
|
|
|
Current
|
$
711,350
|
$
(233,108
)
|
$
-
|
$
-
|
Noncurrent
|
$
553,530
|
$
120,901
|
$
-
|
$
-
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Current
|
$
68,532
|
$
(319,124
)
|
$
(24,140
)
|
$
(1,316,311
)
|
Noncurrent
|
$
-
|
$
-
|
$
(932,857
)
|
$
(282,694
)
|
|
Total Number of Shares Purchased
(1)
|
Average Price Paid
Per Share
|
Total Number of Shares Purchased as Part of Publicly Announced
Plans or Programs
|
Maximum Number (or of
Approximate Dollar Value)
Shares that May Yet Be Purchased Under the Plans
or Programs
|
January 2017
|
1,109
|
3.76
|
-
|
-
|
February 2017
|
-
|
-
|
-
|
-
|
March 2017
|
-
|
-
|
-
|
-
|
|
|
|
|
||
|
|
YUMA ENERGY, INC.
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ Sam
L. Banks
|
|
|
|
Name:
|
|
Sam L.
Banks
|
|
Date:
May 11, 2017
|
|
Title:
|
|
Chief
Executive Officer (Principal Executive Officer)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/
James J. Jacobs
|
|
Date:
May 11, 2017
|
|
Name:
|
|
James
J. Jacobs
|
|
|
|
Title:
|
|
Chief
Financial Officer (Principal Financial Officer)
|
|
1 Year Yuma Energy Chart |
1 Month Yuma Energy Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions